Deutz AG (DEZBF.PK,DEUZF.PK), a German internal combustion engine maker, said on Tuesday that as part of its cost-cutting measures due to the "difficult economic situation", it is considering job cuts.
On the other hand the company is aiming to register a revenue growth to around 4 billion euros by 2030.
By 2028, the company's revenue is expected to be between 3.2 billion euros to 3.4 billion euros, with an adjusted EBIT margin of 8 percent to 9 percent.
In order to counter the cyclically induced decline in demand, costs are to be sustainably reduced by 50 million by the end of 2026.
This cost program complements the short-term measures already initiated, which are expected to yield an effect of 10 million euros to 15 million euros for the fourth-quarter, the company said in a statement.
These include, among other things, making production more flexible and introducing short time working.
Oliver Neu, CFO of DEUTZ AG, said: "The result of our performance and, in particular, our portfolio measures over the last two years is that we are making money even in these difficult times. However, the current situation shows that additional structural measures are needed to successfully position ourselves for the future. These will include structural changes and thus job cuts. We will do all this in close consultation with the employee representatives."
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